The statutory organization Kumpulan Wang Persaraan (KWAP), which oversees the pension plan for Malaysia’s public employees, has made a total investment in the local startup scene of 100 million ringgit, or about US $21 million. With this wager, the fund launches its Dana Perintis initiative for the first time.
The organization said in a statement that it had made direct investments in two businesses: Bateriku, an app that provides services like car battery replacement and vehicle servicing, and Lapasar, a digital wholesaler in the FMCG industry.
Furthermore, two venture capital firms that aim to improve the local startup scene were funded by KWAP: Malaysia-based Vynn Capital and international early-stage VC firm Antler.
KWAP, which was founded in 2007, oversees contributions from the federal government and other pertinent organizations.
Through its Dana Perintis program, the retirement fund announced in September 2023 that it would invest up to approximately US $105 million over the course of 18 to 24 months.
Six sectors will be the primary focus of this initiative, according to KWAP: the green economy, financial access, food sustainability, aging population, and efforts to address the climate crisis.
